Michael has a credit card he hasn't used in about two years. It has no balance but it does have a $6 monthly fee.
Michael's question: If he cancels the card, will it affect his credit score?
Generally speaking, creditors get fidgety anytime someone cancels plastic. They suspect that you're carrying beaucoup debt and thus represent a greater risk. So your credit score can go down.
Should you worry? And how many credit cards should you have?
For the answers, check out today's Ask Laz video.